Question

I just finished the most recent podcast episode. It got me thinking. I’m headed to Mexico in 2 weeks. I’m bringing American dollars and a travel card without foreign transaction fees. If I get stuck in a pickle and need Pesos from an ATM (I do have a Bank of America debut card, but I’m sure there are fees attached) which online bank debit card would you use ?  

Answer 1

You may be able to determine an international partner of BoA ahead of time for ATMs that would lessen your fees by using that card. Also, you can order pesos from the bank (typically only takes a couple of days to come in) to take with you on your trip without any fees, just the going exchange rate—then exchange back whatever you come home with. If you’re talking about a new card, I know they mentioned an ATM rebate on a certain card but I have actual experience with Charles Schwab’s checking account rebating all ATM fees accumulated internationally/domestically, it was great! Never had to worry about which ATM I was using.  

Answer 2

Don't know about online banks but Charles Schwab checking will refund ATM fees and does not charge foreign transaction fees. No minimum to put in the account. Takes some time to get your debit card though so you would need to set it up soon for your trip.  

Comments

This is awesome, thank you!  

Answer 3

Yeah I was in Mexico recently and used an atm once while there. Schwab reimburses the $23 atm fee!  

Answer 4

Was a bit surprised they didn’t mention Schwab checking as an option. Hits all the requirements for me. And we even have a physical branch 5 minutes away (Boston metro area). I switched over from BofA a couple of years ago. The fact that it’s also the brokerage account where I can easily invest from if needed is a bonus. The app is great And they are very easy to communicate with over chat.  

Answer 5

Scotiabank is a BofA partner. No ATM fee just a 3% transaction fee.  

Answer 6

Oh yeah. I missed that you’re taking USD. Don’t do that. Only use pesos. It costs locals money to change it into pesos.  

Comments

@capri imagine someone paid you here in the US in pesos. In order to pay rent and buy groceries, you need to exchange that for USD. The exchange rate at a bank is going to lower the buying power of your money a bit.  

Answer 7

Do you think I can trade Thai Bhat for Pesos at an American airport? I have about $100 American dollars equivalent in Thai Bhat